Financial Aid Workshop

Financial Aid 101

Sources of Financial Aid

F ed era l F in an cia l A id S ta te F ina n cia l A id In sti tu t ion a l F in an cia l A id

F ina nc ia l A id P rog ram s

Financial Aid Includes:

Grants: Gift, doesn’t have to be repaid

Loans: Must be repaid with interest

Work-study: Earn money while in school

Florida State Financial Aid

Application available in December of senior year at www.floridastudentfinancialaid.org

Students must apply to be considered for:– Bright Futures Scholarship– Florida Student Assistance Grant– Florida Work Experience Program– Jose Marti Scholarship

CSS Profile

The PROFILE is used to help award nonfederal student aid funds from certain colleges and universities

The CSS/Financial Aid PROFILE is only available online starting October of senior year at: https://profileonline.collegeboard.com

There is a fee to apply and only a limited number of fee waivers are granted based on the financial information provided on the PROFILE

How to Apply for Federal Aid

Complete an electronic or paper Free Application for Federal Student Aid (FAFSA) on or after January 1st (Contact college/university for exact deadline dates)

Students will be able to obtain a paper FAFSA by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or by visiting www.edpubs.org.

FAFSA on the Web at: www.fafsa.gov

How does it all work?

Get a PIN (Personal Identification Number)

Your PIN is your electronic signature

Request PIN – one PIN for the student– one PIN for the parent

www.pin.ed.gov

Use PIN to file and make online corrections

Documents Needed

Social Security Number Driver's license (if any) 2011 W-2 Forms and other records of money earned

Student’s (and spouse's if married) 2011 Federal Income Tax Return –(IRS Form 1040, 1040A, 1040EZ)

Parents' 2011 Federal Income Tax Return (if dependent student) 2011untaxed income records - Social Security, Temporary Assistance to Needy

Families, welfare, or veterans benefits records Most recent bank statements Most recent business and investment mortgage information, business and farm

records, stock, bond, and other investment records Alien registration number or permanent residence card (if you are not a U.S. citizen) . Keep these records! You may need them again. Do not mail your records with

your signature page.

Federal Student Aid Grants

Federal Pell Grant (max- $5,550) Florida Supplemental Educational Opportunity

Grant (FSEOG): Available to families who demonstrate high financial need (ranging from $100 to $4,000)

Academic Competitiveness Grant (ACG)-completed a rigorous secondary school program, 1st year (up to $750) or 2nd year student (up to $1,350)

National SMART Grant: undergraduate students enrolled in the 3rd or 4th year and pursuing an eligible program of study

TEACH Grant: recipients must sign an Agreement to Serve (ATS) with the guidelines

Federal Work-Study (FWS)

Provides part-time employment to earn money for your education

Available to undergraduate and graduate students

Available to full-time or part-time students Available on campus and off campus Students earn at least the federal minimum

wage The amount you earn can’t exceed the FWS

award

Loans

Federal Perkins Loan Demonstrate financial need Available to undergraduate and graduate

students Part-time or full-time enrollment Repaid to the school Interest rate 5% Limited funds

Stafford Loans

Available to undergraduate and graduate students Enrolled at least a half-time 6.8% interest rate There are two types:

– Subsidized: financial need ($3,500-$5,500)

No need to pay the interest that accrues while in school

– Unsubsidized : Financial need is not required ($5,500- $25,000)

Responsible for paying the interest that accrues while in school

Plus Loan

Available to parent of dependent undergraduate student (7.9% interest rate)

Enrolled at least half-time Applicant should not have an adverse credit

history The maximum PLUS Loan amount that a

parent can borrow is the student’s cost of attendance minus any other financial aid the student may have received

•Need help? Use “Live Help” icon or call 1-800-4-FED-AID.•Don’t forget to print confirmation page.

http://www.fafsa.ed.gov/

FAFSA on the Web Worksheet

The FAFSA on the Web Worksheet allows you to read and complete the questions before entering your information online. The questions are listed in the same order as they appear on the Web site.

www.fafsa.gov

Application Deadline

It is important to note the type of deadline you are up against. Ask your college/university about their definition of an application deadline, whether it is the receipt date and time or the process date and time of the application.

Which FAFSA form do I file?

Attending CollegeAttending College Use FAFSA FormUse FAFSA FormUse IRS Income Use IRS Income Tax FromTax From

Beginning Summer 2012Beginning Summer 2012

Then Fall 2012 Then Fall 2012 2011 – 2012 2011 – 2012 FAFSA FAFSA

2012 – 2013 2012 – 2013 FAFSAFAFSA

20102010

20112011

Beginning Fall 2012Beginning Fall 2012 2012 – 2013 2012 – 2013 FAFSAFAFSA

20112011

After you submit your FAFSA…

Students will receive a Student Aid Report (SAR) indicating Expected Family Contribution (EFC). Review information and make corrections if necessary

If there is an asterisk next to your EFC, this means that your SAR has been selected for verification.

Selected for verification?

There are several possibilities for being selected for FAFSA verification such as:

You were selected randomly The submitted FAFSA application has incomplete data The data on the FAFSA application appears to

contradict itself The FAFSA application has estimated information on it If you are selected for FAFSA verification, you need to

return the information and requested documentation as soon as possible to the financial aid office at the college/university

Forms and Documents that may be requested by the college for the verification process

If you are selected for verification your college may ask for:

Parent tax returns Student tax returns Divorced or separated parent information Other information to verify:

Income Assets Family size Special circumstances

Award Letters

Students will be receiving an award letter from each institution they listed on the FAFSA, and to which they have been admitted

Award letters will tell them how much money in grants, loans, and work study they are receiving

If they think they did not get enough aid, they may request a review

Students need to read it carefully, and follow any instructions that pertain to them. If they wish to accept or decline the aid awarded, they must indicate it on the form. Make sure to keep a photocopy for your records

What Determines the Amount of Aid You Receive?

The primary factor in determining the amount of aid you receive is your financial need. The following formula shows how financial need is calculated:

Cost of Attendance – Expected Family Contribution __________________________= Financial Need

Florida International UniversityCost of attendance

Miami-Dade CollegeCost of attendance

Florida State UniversityCost of attendance

Sample of an Award Letter for Student with EFC:000

Fl Academic (BF) $3,030

Pell Grant $5,550

Stafford Loan $3,500

Work Study $2,000

Other Sch. $1,000

$15,030

Estimated Cost -FSU $19,354

Short ----------- $4,324

Sample Award Letter

Things to Remember….

Apply for the State Financial Aid after December 1st at www.floridastudentfinancialaid.org

Apply for the CSS Profile (if required) as soon as possible before deadline set by school (registration opens in October) at www.collegeboard.com

Request PIN number as soon as possible for FAFSA at www.pin.ed.gov

Apply for FAFSA after January 1st at www.FAFSA.ed.gov (Contact schools for exact deadline dates)